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A formal specification of multicriteria economics

Francisco Salas-Molina

Operational Research, 2021, vol. 21, issue 4, No 16, 2627-2650

Abstract: Abstract Economic theory usually focuses on the optimization of a single criterion subject to a set of rigid constraints. Nevertheless, many decisions in economics require to find a balance between multiple and possibly conflicting criteria to obtain a more realistic representation of actual world problems. In addition, there is a lack of a formal specification of multicriteria economic reasoning. In an attempt to strengthen the links between economics and operations research, we propose a formal approach that underpins an economy in which decisions are made by applying multiple criteria methods. From the analysis of the intersection between economic problems and multiple criteria decision making, we find theoretical patterns underlying multicriteria economics. This formal specification allows us to introduce a set of principles that facilitates the development of more realistic multicriteria economics policies.

Keywords: Economic consistency; Multiple criteria decision making; Formal reasoning (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s12351-019-00528-7

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Handle: RePEc:spr:operea:v:21:y:2021:i:4:d:10.1007_s12351-019-00528-7